Bitcoin's recent price movements have been influenced by a combination of factors, including significant outflows from US spot Bitcoin ETFs and a shift in investor sentiment towards altcoins. On November 27, 2024, Bitcoin's price recovered slightly to trade above $93,000 after experiencing a 6% decline since Monday. This decline aligns with a notable outflow of $122.80 million from Bitcoin ETFs on Tuesday, marking the second consecutive day of outflows. This trend suggests a dip in institutional demand, which could potentially extend the ongoing decline in Bitcoin's price. Additionally, the market is observing a re-accumulation phase, as indicated by Glassnode reports, which may precede further sustained price growth.
The weakening of Bitcoin's dominance is further highlighted by the growing interest in altcoins, particularly Ethereum. This shift is evident as Bitcoin's price, after peaking at $99,588 last week, has slowed down, with the Relative Strength Index (RSI) showing a bearish divergence. This suggests that the momentum may be fading, and more investors are turning their attention to altcoins. The recent net cash outflows from US spot BTC ETFs, totaling over $550 million, underscore this shift in investor sentiment. As Bitcoin's price continues to hover below the $95,000 support level, the potential for a retest of the $85,000 support level remains a possibility if the current trend persists.
The GraniteShares 1x Short COIN Daily ETF (CONI) is currently priced at $10.03, reflecting a 5.29% decrease from the previous close.